Singapore’s total fertility rate falls to historic low in 2023

Summary

The script addresses Singapore's declining total fertility rate (TFR), which has fallen to 0.97 in 2023, the first time below 1. It highlights the impact of fewer marriages and births, with societal and global factors contributing to the trend. The implications include smaller families, increased caregiving responsibilities, and a growing number of singles with weaker support networks. Economically, a shrinking workforce could lead to a less dynamic economy, challenges in attracting businesses, and fewer opportunities for the next generation, mirroring issues faced by countries like South Korea and Italy. The government is committed to tackling these demographic and economic challenges.

Takeaways

• 💒 Last year, there were 26,500 resident marriages in Singapore.
• 👶 30,500 resident births were welcomed in the same year.
• 📉 The number of resident marriages and births has decreased annually on average over the last 5 years compared to the previous period.
• 📊 The resident Total Fertility Rate (TFR) has continued to decline, reaching a preliminary estimate of 0.97 in 2023, the first time it has fallen below 1.
• 😷 COVID-19 has disrupted marriage plans for some couples, potentially delaying parenthood.
• 💰 Concerns about the financial costs of raising children, pressures to be an excellent parent, and difficulties managing work-life balance contribute to low fertility rates.
• 🌐 Low fertility in Singapore is part of a global phenomenon where individual priorities and societal norms have shifted.
• 👨‍👩‍👧‍👦 Families are smaller with more single-person households, leading to weaker familial support networks for the elderly.
• 💼 A falling TFR impacts the economy by creating a smaller workforce, affecting the country's dynamism and ability to attract global businesses.
• 🚀 The shrinking workforce poses challenges for maintaining economic growth and creating opportunities for the next generation.
• 🌍 Countries like South Korea and Italy are experiencing economic slowdowns and declining wages, partly due to low fertility and demographic changes.

Q & A

What is the core vision for the population mentioned in the transcript?

The core vision for the population is strong and stable families.

How many resident marriages were there last year according to the transcript?

There were 26,500 resident marriages last year.

What was the number of resident births welcomed last year?

There were 30,500 resident births welcomed last year.

Has there been a change in the number of resident marriages and births over the past decade?

Yes, there were fewer resident marriages and births annually on average over the last 5 years compared to the preceding 5-year period.

What is the current Resident Total Fertility Rate (TFR) for the year 2023?

The Resident Total Fertility Rate (TFR) for 2023 is 0.97, which is the first time it has dropped below 1.

What are some of the reasons cited for Singapore's low fertility rate?

Reasons for Singapore's low fertility rate include temporal factors like disrupted marriage plans due to COVID-19, financial costs of child raising, pressures to be an excellent parent, difficulties managing work and family commitments, and shifts in individual priorities and societal norms.

How does the low fertility rate reflect a global phenomenon?

The low fertility rate reflects a global phenomenon where individual priorities and societal norms have shifted, leading to a decline in birth rates worldwide.

What are the societal impacts of the falling Total Fertility Rate (TFR) mentioned in the transcript?

The societal impacts include smaller family sizes, more single individuals, weaker familial support networks for the elderly, and a growing proportion of Singaporeans remaining single.

How will the falling TFR impact Singapore's economy?

The falling TFR will impact Singapore's economy by leading to a shrinking workforce, making it challenging to maintain economic dynamism, attract global businesses, and create opportunities for the next generation.

What are the experiences of countries like South Korea and Italy regarding low fertility and its economic effects?

Countries like South Korea and Italy are grappling with economic slowdowns and declining wages, further compounded by low fertility and resulting demographic changes.

What is the government's stance on addressing the challenges posed by the declining TFR?

The government is determined to address these challenges, recognizing the importance of a strong and vibrant economy driven by people and the need to tackle demographic changes.